Crédit Agricole Egypt signs a cooperation protocol with Beta Egypt for Urban Development, Invest-Gate reports.
This protocol aims to ease customers’ own the company’s units, which are characterized by various spaces and constructions to commitment the sustainable development standards.
Under the protocol, the bank provides various programs of real estate financing facilities, starting with the usual financing, which amounts to EGP 10 mn over 15 years with a maximum of 80% of the unit value. This, in turn, enables customers to purchase units from Beta Egypt, which has a diverse portfolio in New Cairo and 6th of October.
Furthermore, the bank offers real estate financing programs up to 85% of the unit value as a part of the Central Bank’s initiative. This brings the financing value to EGP 2 men with installments over 20 years, according to the conditions set by the Central Bank. Whereas interest rates range between 3% and 8%, according to the features of the initiatives.
Walie El-Din Lotfy, deputy managing director of Crédit Agricole Egypt, says that this agreement is a part of the bank’s strategy to support banking facilities, especially in the field of real estate finance, in line with the initiatives of the Central Bank. These initiatives expand the bank’s business portfolio by providing banking services and products that meet the customers’ needs.
In a similar vein, Alaa Fikry, chairman of the board of directors of Beta Egypt, explains that this agreement enables the company’s customers to benefit from the Central Bank’s initiative for real estate financing. Moreover, this cooperation helps the customers to purchase their units with appropriate payment systems in the best locations in Cairo.
It is noteworthy that Beta Egypt is one of the largest companies in the Egyptian real estate market with investments amounting to EGP 6 bn and authorized capital of EGP 500 mn. The company has more than 28 years of experience and a varied portfolio of projects, including the Beta Gardens, Beta Greens, Golf Residence, Golf Corner Mall, and Beta Sports Club in West Cairo. Golf Palace, Golf House, and Beta Greens in East Cairo.